Over the last few weeks or so, we (the blog) have been encouraging readers to elaborate on their comments by offering them the opportunity to write a guest post. Recently, many readers have been leaving great comments — some with unique situations, others with interesting perspectives — that we felt would translate nicely into guest blog post.

We received a blitz of comments from readers who complained that loan servicers were “dragging their feet” and would not close their deal in time to take advantage of the homebuyer tax credit (this was before we knew the president would extend it until September 30). The hundreds of comments we’ve received and the votes on our poll have made it clear that borrowers were really depending on the credit’s closing extension and would be outraged if factors beyond their control would not allow them to close in time.

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We want to thank all our readers who participated in our latest poll: “Do You Support the Extension of the Homebuyer Tax Credit’s Closing Deadline?”

With over 1,000 votes so far, it is clear that the overwhelming majority of our readers supported the extension. To date, 92% of voters thought extending the closing date of the homebuyer tax credit was a good idea, with some 77% noting that their deal wouldn’t have closed without it.

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Last week’s blog posts pretty much focused on the homebuyer tax credit’s closing deadline. We did our absolute best to deliver the latest news as it happened. Let’s review last week’s posts:

Saturday:

“GUEST POST: ‘All Right! The Deadline Has Been Extended!‘”: Read the rest of this entry »

UDATE3: President Obama signed a three-month extension of the homebuyer tax credit’s closing deadline this morning.

The president also signed into law the “National Flood Insurance Program Extension Act of 2010,” reports HousingWire.com.

Lawmakers weren’t able to agree on the extension of unemployment benefits before their July 4 recess; they’re expected to continue their debate when they return.

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Late last week the Senate failed to secure enough votes to push through a bill that would not only extend unemployment benefits, but would also extend the closing deadline for borrowers looking to take advantage of the homebuyer tax credit.

The way it stands now, this Wednesday (June 30) looks to be the official end of the homebuyer tax credit.

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Today is the official start of summer, a season typical of “languid times for real estate and housing markets.”

Last week, the extension of the Homebuyer Tax Credit’s closing deadline was the big news here on the blog (be sure to vote on our new poll if you haven’t already). Congress’ decision to extend the period of time in which borrowers can close on their home loans and still take advantage of up to an $8,000 credit, is likely to be the last government interaction in this targeted support for buyers (and sellers) that has increased, yet distorted, demand.

The latest issue of HSH.com’s Market Trends Newsletter, “Low Rates, but Summer of Distortion,” examines the “the distorting effects of government policy on that demand, and wonder how markets would have fared without those intrusions into their more natural functions.”

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While there has been little to no chatter about lawmakers extending the homebuyer tax credit for a third time, there has been increasing talks about extending the time a borrower has to close on their deal. Under the current arrangement, to qualify for the tax credit a borrower must sign their contract by April 30 and close by June 30.

Mortgage Rates remained low last week despite two major housing supports being gone from the market. The homebuyer tax credit — for both first-time and trade-up buyers — has ended, about one month after the Fed’s support for low mortgage rates expired:

The last of the extraordinary props for the nation’s mortgage and home sales markets have come to an end. Just four weeks after the Federal Reserve stepped away from the mortgage market comes the end of first-time and trade-up homebuyer tax credits. Meanwhile, the effort to prop up failing homeowners though modification and other initiatives enjoys a continuing commitment.

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The clock is ticking: There are only hours left to sign your contracts in order to take advantage of the homebuyer tax credit.

We want to know if there are any last-minute shoppers out there — is anyone trying to get their contract signed today?

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If the end of the Federal Reserve’s mortgage-backed security (MBS) purchase program didn’t mean the end of low mortgage rates, does that mean the expiration of the homebuyer tax credit won’t signal the end for a housing market on the rise?

Readers: Will homebuying activity fall off as soon as the homebuyer tax credit expires? Tell us what you think, leave your comment below.

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